Solar company’s stock moved around 7 percent on Friday’s trading after announcing strong quarterly results.
With a market capitalization of Rs. 2,668 cr, the stock of Waaree Renewables Technologies Ltd opened its Friday trading session on a higher note. The stock opened at Rs. 1387 making a gain of 7 percent and currently trading at Rs. 1368 apiece.
The positive momentum in the stock was observed after the company announced its quarterly results on 26th October 2023. The company has recorded a strong result in the September 2023 quarter.
The revenue was increased by 16.39 percent QoQ from Rs. 128.94 cr during Q1FY24 to Rs. 150.06 cr during Q2FY24. In addition, the net profits also increased by 64.67 percent from Rs. 11.11 cr to Rs. 18.29 cr during the same period.
Comparing these metrics on a YOY basis, the revenue increased by 24.47 percent from Rs. 120.56 cr during Q2 FY 22-23 to Rs. 150.06 cr during Q2 FY 23-24 and Profit After Tax (PAT) increased by a whopping 124.18 percent from Rs. 8.16 cr to Rs 18.29 cr during the same period.
Looking at the company’s important financial ratios, the return on equity increased from 34.08 percent in FY21-22 to 96.9 percent in FY22-23. Furthermore, the return on capital employed was accelerated from 26.67 percent to 84.06 percent keeping the timeframe the same. The debt-to-equity ratio also shifted down from 1.40 times during FY 21-22 to 0.4 times in FY 22-23.
The company has given multi-bagger returns to its investors managing to give more than 150 percent return in one year and 43 percent return in just 6 months.
For example, if someone had invested Rs. 1 lakh in this company’s share a year ago, the worth of those shares would be Rs. 2.5 lakhs.
According to the latest shareholding pattern, the company’s Promoters have 74.48 percent of shares and the remaining 25.52 percent of holdings are with the Public (Retail Investors).
Headquartered in Mumbai, Waaree Renewables Technologies Ltd operates across geographies, focusing on long-term investments within the commercial and industrial customer segments. It is a leading renewable energy company catering to industrial, commercial, and individual customers.
Written by Vaibhav Patil
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